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Pressure Returns to Bank Shares and seems to Help Propel Gold Higher
There are three themes today. First, the sharp decline in US rates seen yesterday (-14 bp on the two-year yield) on the back disappointing economic data seemed a bit exaggerated and the two-year yield has bounced back to almost 3.90% from around 3.81%. This appears to be helping the dollar consolidate today. Second, bank shares are coming under renewed pressure. The US KBW bank index fell almost 2% yesterday after a 0.5% decline on Monday. Today, the Topix bank share index fell 1.9%, snapping a three-day advance. The Stoxx 600 bank shares are off 0.9%, offsetting the gains of the past two sessions in full. Third, ... (full story)
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